Good morning. Departing U.S. Attorney General Pam Bondi, fired Thursday by President Trump, leaves an imprint on the Justice Department’s white-collar enforcement apparatus shaped by dropped cases and a greater focus on prosecuting drug cartels, healthcare and trade fraud, writes Risk Journal's Max Fillion. (free link)

• Setting the tone: Although the head of the Justice Department doesn’t often weigh in publicly on the day-to-day work of its specialized white-collar prosecutors, Bondi set the tone on the first day of her tenure with a series of memos that in part directed money-laundering and foreign bribery prosecutors to make a priority of fighting drug cartels and other transnational criminal groups.
   
• Rapid changes: Each new presidential administration brings a new direction to the Justice Department, but it often takes leadership months to issue memos outlining new approaches. Even then, the changes often come around the edges. The Bondi memos departed from that norm and caught the white-collar defense bar off guard, said Tarek Helou, a former federal prosecutor now a partner at law firm Wilson Sonsini. “Attorneys general often come out with memos early, but in this administration they did more and they did it faster,” Helou said. “The scope and speed was a surprise.”
   
• Criticism of moves: The moves drew harsh criticism from anticorruption advocates, who suggested the memos marked the beginning of a downturn in white-collar crime prosecution during President Trump’s second term.
   
• DOJ's point of view: The Justice Department last year said that overbroad white-collar enforcement hurts U.S. businesses and global competitiveness, and that it intends to focus on high-impact cases where the public has been victimized. 

Also see: 

• Todd Blanche Steps Into Pam Bondi’s Job and Onto a Trump Tightrope
• ‘I Think It’s Time’: The Inside Story of Pam Bondi’s Ouster

House bill would ban more chipmaking equipment shipments to China. 

A bipartisan group of U.S. representatives introduced a bill on Friday that would further tighten export controls for semiconductor manufacturing equipment sales to China. The whole equipment industry has something to lose were this bill to become law, but the hardest hit company would be ASML of the Netherlands.

The Multilateral Alignment of Technology Controls on Hardware (MATCH) Act seeks to close gaps in export controls and enforcement, which are a patchwork of executive branch regulations and negotiations that were implemented over years.

Who would lose out the most? Were the bill to become law in its current form, the most affected of the big semiconductor manufacturing equipment makers would be the industry giant, ASML. It is the leader in lithography machines, which are central to chipmaking, and are specifically called out in the bill.  

• Three Democratic senators called on President Trump to crack down on the manufacturing and sales of Chinese vehicles in the U.S.
   
• A $10 billion startup that pays contractors to give feedback on the output of artificial-intelligence models recently began offering a new way to make money: selling their prior work materials.

Trump warns Iran he could strike ‘every power plant,’ in WSJ interview.

President Trump threatened to destroy all of Iran’s power plants if the country’s leaders don’t agree to reopen the Strait of Hormuz by Tuesday evening, ratcheting up pressure on Tehran.

“If they don’t come through, if they want to keep it closed, they’re going to lose every power plant and every other plant they have in the whole country,” Trump said in an eight-minute interview with The Wall Street Journal on Sunday.

The comments came hours after U.S. forces rescued an American aviator trapped in Iran. Trump in recent days has repeatedly escalated his threats against the country, which has resisted his demands and appears determined to carry out a war of attrition.

• Top Aides Advise Trump Blasting Iran’s Infrastructure Is Fair Game
• Trump’s Claims of Victory Clash With Iran War’s Gritty Reality
• The U.S.-Europe Alliance Is Reaching a Breaking Point Over the Iran War
• How Insulated Is the U.S. Economy From the Iran War?

• The Iran war has caused a lucrative reversal of fortune for U.S. chemical makers, leading to steep price hikes for products like polyethylene.
   
• Iranian drones and missiles recently struck aluminum plants in Abu Dhabi and Bahrain, damaging two of the region’s largest producers. A production outage is expected to ripple through depleted U.S. aluminum stocks in the coming months, further putting pressure on prices.
   
• Small businesses face higher shipping rates from carriers like FedEx and UPS due to rising fuel costs, up 39% in March.
   
• China has taken the unusual step of reserving swaths of offshore airspace without explanation for a period of 40 days, issuing alerts similar to those used to warn aviation authorities of Chinese military exercises, which typically last no more than a few days.
   
• A major London music festival set for this summer has lost at least two key sponsorships after having booked Kanye West as the headline performer.
   
• The Trump administration is requiring countries in trade deals to accept America’s view on generic food names for cheeses like Asiago. European groups, such as the Consorzio del Formaggio Parmigiano Reggiano, oppose American producers using names like Parmesan.

• America’s middle class is becoming wealthier as more families scale the economic ladder into higher-earning groups. New research shows that the ranks of the affluent have grown markedly over the last 50 years or so, while the lower rungs of the middle class have shrunk.
   
• Scott Barshay replaced Brad Karp as chair of Paul Weiss in February, becoming the first corporate-side chair in the firm’s over 150-year history. Tensions at Paul Weiss mounted after Karp’s deal with President Trump a year ago, leading many top litigators to leave the firm.
   
• Paramount is in talks to secure signed equity commitments of close to $24 billion from three sovereign-wealth funds led by Saudi Arabia to help back its takeover of Warner Bros. Discovery, according to people familiar with the matter.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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